KBC Group NV Reduces Stake in SPX Technologies, Inc. (NYSE:SPXC)

KBC Group NV reduced its stake in SPX Technologies, Inc. (NYSE:SPXC - Free Report) by 92.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,152 shares of the company's stock after selling 26,465 shares during the quarter. KBC Group NV's holdings in SPX Technologies were worth $277,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in SPX Technologies in the 4th quarter valued at $93,038,000. Raymond James Financial Inc. purchased a new stake in SPX Technologies in the 4th quarter valued at $32,337,000. First Trust Advisors LP raised its position in SPX Technologies by 54.5% in the 4th quarter. First Trust Advisors LP now owns 553,320 shares of the company's stock valued at $80,519,000 after buying an additional 195,153 shares during the last quarter. Franklin Resources Inc. raised its position in SPX Technologies by 1,260.7% in the 4th quarter. Franklin Resources Inc. now owns 170,512 shares of the company's stock valued at $24,813,000 after buying an additional 157,981 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in SPX Technologies by 25,946.4% in the 1st quarter. GAMMA Investing LLC now owns 138,567 shares of the company's stock valued at $17,845,000 after buying an additional 138,035 shares during the last quarter. 92.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SPXC. UBS Group raised SPX Technologies from a "neutral" rating to a "buy" rating and increased their price target for the company from $160.00 to $182.00 in a research report on Monday, June 2nd. B. Riley assumed coverage on SPX Technologies in a research note on Thursday, May 15th. They issued a "buy" rating and a $195.00 price objective for the company. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $183.20.

SPX Technologies Stock Performance

Shares of SPXC stock traded down $1.23 on Monday, hitting $171.80. 11,079 shares of the stock were exchanged, compared to its average volume of 274,021. The company has a current ratio of 1.88, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $8.02 billion, a PE ratio of 40.11, a P/E/G ratio of 1.52 and a beta of 1.24. SPX Technologies, Inc. has a one year low of $115.00 and a one year high of $183.83. The firm's 50 day moving average is $155.16 and its two-hundred day moving average is $145.53.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.22. The company had revenue of $482.60 million during the quarter, compared to the consensus estimate of $481.32 million. SPX Technologies had a return on equity of 19.67% and a net margin of 10.13%. The firm's quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 EPS. Sell-side analysts expect that SPX Technologies, Inc. will post 5.57 earnings per share for the current fiscal year.

Insider Transactions at SPX Technologies

In related news, Director Rick D. Puckett sold 6,823 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $153.01, for a total transaction of $1,043,987.23. Following the sale, the director owned 33,770 shares of the company's stock, valued at approximately $5,167,147.70. This represents a 16.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.32% of the company's stock.

About SPX Technologies

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.